Israel was to live her life between the terms of the covenant. It was unique among the nations in that other nations related to their God while God revealed himself to Israel. From Abraham to Moses God entered into covenant with individuals. eg Noah, Issac, Jacob. After Moses it became a covenant to a nation.

The Hebrew Term

Heb. Berit - the technical phrase is "to cut a covenant" Kerat Berit
The term stems from the idea of offering a sacrifice to seal the covenant them cutting it in half and walking between them.

The popular view of this is that it means this is what will happen to you it you break the covenant. Bro. Freeman believes that the slaying of the sacrifice shows the seriousness of it and both parties walking between it shows they are bound together in it.
Gen. 15/9-18, Jer. 34/18-19
God was appearing as a great light and a burning lamp.

The Origin of the Covenant Concept in the OT

Gen. 9/11 Between Noah as representative of the human race and God
Gen. 15/18 Between Abraham as founder of Israel and God

The Token of the Covenant

It was the slaying of an animal and walking between it.
A covenant can be confirmed by a gift 1 Sam. 18/3-4
A token can be a common meal eg Jacob and Laban Gen. 31/44
The token or sign of Abraham's covenant was circumcision Gen. 17
The rainbow Gen.9
The smoking furnace and flaming lamp Gen.15